Gold Silver Reports (GSR) – Indian rupee along with Asian currencies on Thursday strengthened as dollar held steady amid optimism about improvements in the China-US trade relations.
Loans
Axis Bank Posts First Ever Loss As Bad Loans Pile Up
Gold Silver Reports (GSR) – Axis Bank Posts First Ever Loss As Bad Loans Pile Up — The private lender reported a net loss of Rs 2,188.7 crore in the January-March quarter compared with a profit of Rs 1,225 crore a year ago, according to its exchange filing. Analysts tracked by Bloomberg had estimated a Rs 663 crore profit. The bank also reported tax write-back of Rs 1,300 crore, without which the net loss would have been wider.
Banking Sector Burdened by Increasing Bad Loans
Gold Silver Reports — India’s under-capitalized lenders should be restricted from expanding deposits and loans to help revive the banking sector burdened by increasing bad loans, a deputy governor at the nation’s central bank said.